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’Christmas cancelled for GKP investors
It’s taken more than a day and a half but Gulf Keystone Petroleum (GKP) has finally responded to speculation that Exxon Mobil was considering a £7bn, or 800p a share, cash offer.
And guess what, the Kurdish explorer is not in takeover talks but it remains committed to creating value for shareholders blah,
Snap news
Breaking pre-market news on Monday,
- Ocado warns on its measure of profits; sees full EBITDA between £27.5m to £28.5; analysts expecting £34.3m — statement.
- HMV puts Live business up for sale;
Snap news
Breaking pre-market news on Tuesday,
- Olympus admits to covering up losses since 90′s — statement and statement.
- Lloyds Banking Group warns medium-term financial targets may be delayed; however Q3 Net Interest Margin in line with forecasts — statement.
Snap news
Breaking pre-market news on Monday,
- Belgian and French finance ministers to discuss ways to shore up Dexia — report.
- Barclays and BofA looking to sell stake in Archstone — report.
- Numis Corporation says H2 revenues up 6 per cent — statement.
Snap news
Breaking pre-market news on Tuesday,
- Bank of China halts FX swaps with European banks — report.
- Debenhams says full year profits will be ahead of expectations — statement.
- Gulf Keystone Petroleum raises $200m via equity issue priced at 140p a share — statement.
Snap news
Breaking pre-market news on Monday,
- Lloyds Banking Group loses its finance director to Resolution — statement and statement.
- Ocado reports Q3 sales growth of just 17 per cent and says Q4 running at the same level — statement.
Gulf Keystone plots $200m fund raising
Earlier this week Gulf Keystone Petroleum – the next super major oil company – spelled out its plans for the future.
The highlights were a move to the main market of the London stock exchange from Aim and a plan to develop a pipeline capable of carrying 440,000 barrels a day north from its Shaikan field to the Kirkuk-Ceyhan export pipeline.
Snap news
Breaking pre-market news on Monday,
- BNP Paribas targeting additional $60bn reduction in US dollar funding by end 2012; to sell €70bn of RWA’s — presentation.
- Swedbank halts share buyback programme;
Markets Live – normal service resumes
Fully refreshed after a two-week break in the French sunshine, FT Alphaville’s fast-paced, interactive markets chat returns on Monday morning.
Under discussion today, the renewed market slide, the plight of the UK banks,
Transfer dealings – Gulf Keystone edition
This almost certainly does not pass the smell test.
One of Gulf Keystone Petroleum’s biggest shareholders (the confusingly named Gulf Keystone Petroleum Co. LLC) has transferred legal title over 5.25 per cent of the £1bn Kurdish exploration company (which discovered billions of barrels of oil) to among other people,
Snap news
Breaking pre-market news on Monday,
- Imperial Tobacco warns of £110m hit to profits from Spanish price war — statement.
- Horizon Acquisition acquires APR Energy for $855m — statement.
- Wood Group to return £665m to shareholers — statement.
Snap news
Breaking pre-market news on Tuesday,
- Punch Taverns to spin off managed pubs business, Spirit — statement.
- Forth Ports recommends £16.50 a share offer from Arcus European Infrastructure Fund — statement.
Snap news
Breaking pre-market news on Friday,
- France’s Lactalis declares 11.4 per cent holding Parmalat; seeks boardroom representation — report.
- Gulf Keystone Petroleum says substantial oil flare from Shaikan-2 visible from office in Ebril — statement.
Gulf Keystone Productions
Surely there are better things for an oil explorer to spend money on?
That said, it’s very nicely shot.
The Kurdish cash guzzler
It’s an expensive business drilling for oil, particularly in Kurdistan.
Having raised $165m less than four months ago, Gulf Keystone Petroleum has tapped its shareholders for more cash – this time it $170m at 140p a share.
Snap news
Breaking pre-market news on Monday,
- Blue Asset Management recommends 485p a share cash offer from Royal Bank of Canada – statement.
- Gulf Keystone Petroleum confirms £109m equity fund raising to accelerate its ‘active’ drilling programme – statement.
Oil explorers pass round the hat (updated)
It’s all go in London’s small cap oil sector.
The talk in the market is that Gulf Keystone, the Kurdish explorer, is trying to raise $175m fund raising pitched at 140p a share. Mirabaud Securities is believed to handling the share placing.
Snap news
Breaking pre-market news on Wednesday,
- Xstrata closes $4bn revolving credit facility — statement.
- Western Coal reaffirms intention to list on main market — statement.
- Redhall acquires Mount Engineering for £16.42m — statement.
Snap news
Breaking pre-market news on Friday:
- Roche launches group-wide business review to “adapt cost structures and accelerate productivity improvements” – statement.
- BP says Gulf of Mexico spill costs have reached $8bn – statement.
Snap news
Breaking pre-market news on Wednesday,
- Rok warns on profit after ‘serious failings’ in financial controls — statement.
- Standard Life profit up 10 per cent to £182m – statement.
- ING posts second-quarter profit of €1.2bn — statement.
Snap news
Breaking pre-market news on Monday,
- AstraZeneca strikes $198m deal on Seroquel liability claims — statement.
- BP says relief well will intercept Macondo well on August 15 — statement.
- Gulf Keystone Petroleum finishes reorganising Kurdistan interests — statement.
The world’s top 280 energy projects
Here’s an exhaustive view of the energy projects that are likely to change the world according to Goldman Sachs.
In fact, the bank says there are 280 such projects currently under development or in the process of exploration.